LAS VEGAS - CleanSpark Inc. (NASDAQ:CLSK), a U.S.-based sustainable bitcoin mining company, announced a significant increase in its bitcoin mining efforts for March, with a total of 806 bitcoin mined, marking a 24% rise from the previous month. The company's total bitcoin holdings now stand at 5,021.
The increase in mining output coincides with the first full month of operations following the expansion of CleanSpark's Sandersville facility and the integration of new sites in Mississippi. This expansion has brought the company's operating hashrate to over 16 exahashes per second (EH/s), with a further increase to 17 EH/s expected shortly.
According to Zach Bradford, CEO of CleanSpark, the company's record mining results are a direct outcome of recent growth initiatives and strategic acquisitions. Bradford also highlighted the company's strong financial position, with a cash balance exceeding $300 million, which he believes positions CleanSpark favorably for an anticipated active period of mergers and acquisitions in the industry.
In addition to the operational achievements, CleanSpark sold a modest portion of its bitcoin holdings, with 3.37 bitcoin sold in March at an average price of approximately $58,800 per bitcoin. The daily mining average for the month was 26 bitcoin, with a peak of 28.14 bitcoin on certain days.
The company is also nearing completion of its Dalton acquisition, with 15 megawatts of power expected to be energized early this week. This development is projected to increase CleanSpark's operating hashrate to over 17 EH/s and is part of the company's plan to add 3 EH/s in the next quarter, aiming for a total of 20 EH/s.
CleanSpark, which brands itself as America's Bitcoin Miner™, emphasizes its commitment to low-carbon power and energy-efficient operations in supporting the Bitcoin network.
This report is based on a press release statement from CleanSpark, Inc.
InvestingPro Insights
CleanSpark's (NASDAQ:CLSK) notable uptick in bitcoin mining operations and strategic growth is mirrored by optimistic market metrics and analyst expectations. The company's recent operational expansion has not only increased its bitcoin mining capacity but also seems to be aligning with a broader financial strategy that could position it for future profitability.
An InvestingPro Tip highlights that analysts expect the company to be profitable this year, which could be a significant turnaround considering CleanSpark's non-profitable status over the last twelve months. This anticipation of profitability aligns with the company's reported strong financial position and strategic initiatives aimed at expanding its operational capacity.
Moreover, the company's stock has experienced a remarkable return over the last year, with InvestingPro Data revealing a 662.95% increase, reflecting investor confidence and market momentum. This is further supported by the fact that analysts have revised their earnings upwards for the upcoming period, as per another InvestingPro Tip, signaling potential for continued growth.
InvestingPro Data also provides a snapshot of the company's valuation and performance metrics. CleanSpark's market capitalization stands at approximately $4.78 billion, and despite a negative P/E ratio of -34.47, the company has shown a staggering 75.4% revenue growth over the last twelve months as of Q1 2024. Additionally, the gross profit margin is reported at 52.39%, indicating a strong ability to translate sales into profit.
For readers interested in a deeper dive into CleanSpark's financial health and future prospects, there are 15 additional InvestingPro Tips available at https://www.investing.com/pro/CLSK. These tips could provide valuable insights for investors considering CleanSpark in their portfolio. And don't forget, you can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to InvestingPro, where you can access real-time metrics and expert analysis.
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